A $3.5 billion industry superannuation fund is the first to implement IRESS' new digital advice solution.
The rollout of WA Super's digital advice tool, SuperClick Advice, includes white-labelling IRESS' automated personal advice engine.
SuperClick Advice draws on information within the super fund's registry - powered by IRESS' Acurity platform - and allows members to set retirement objectives, review projections and make choices to optimise retirement outcomes. Members can also receive automated advice for wealth protection, savings and debt management.
IRESS managing director, superannuation Jeff Hall said the solution can also be coupled with WA Super's use of scaled advice solution XPLAN Prime.
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Using one technology provider for the digital advice solution reduces risks associated with re-keying data between disparate systems, and the need to keep separate systems in sync with regulatory and product updates. This creates operational efficiencies for the fund, IRESS said.
The product's open architecture, through application programming interfaces (APIs), can integrate with other superannuation registry platforms, websites and portals, Hall said. It is understood IRESS is in discussions with other superannuation funds about the digital advice solution.
WA Super general manager of distribution and advice Quyen Truong said the self-directed online advice tool "will suit members who want to understand more about their retirement planning journey and identify the options they can control or change."
"It is also a very useful tool for those members who are considering financial advice, but want to do their own information gathering beforehand," she said.
WA Super currently offers its members a suite of financial advice options, ranging from general to simple and comprehensive.
Truong said the digital advice rollout is meeting a previous advice gap at the fund.
"Research has shown that members are increasingly becoming digitally savvy and are enjoying the convenience of planning their retirement themselves. The interest in digital advice is growing at a rapid pace as many WA Super members have unmet financial advice needs," she said.
Truong added the advice tool will be provided at no cost to WA Super members - from start to finish in the advice process. WA Super has about 60,000 members.
Hall said the digital advice tool had been tested with consumers in Sydney's Martin Place about three times over the past 18 months.